Asset Management Software is a digitalized tool that enables users to track and manage all types of assets throughout the entire asset life cycle; from planning and acquisition, through operation and maintenance, to disposal and replacement.
By gaining greater insight into the life cycle of each revenue-generating asset, businesses are able to maximise their overall return on investment (ROI) as well as significantly reduce spending on procurement and maintenance.
What Is Asset Management Software?
Asset Management Software is a system designed for businesses to increase the usability of their revenue-generating assets. In particular, those assets that are critical for a business’s day-to-day operations. It does so by enabling users to track the location of equipment, understand maintenance costs, and optimize the useful life of an asset.
The purpose of an asset management system is to:
- Increase the visibility of all assets in the business
- Optimize the useful life of mission-critical assets
- Reduce costs associated with procurement, compliance, and maintenance
- Improve and ensure compliance
The right asset management system will also provide the tools necessary for users to manage their entire catalogue of assets in one centralized asset register system. Whether that be tools, inventory, machines, equipment, software, or infrastructure.
It also ensures real-time data collecting with the use of IoT devices such as Bluetooth, RFID, GPS, and Barcode. This allows asset managers to know where assets are stored, which personnel are using them, and how they’re being used. As well as pinpointing an asset’s exact location to reduce the risk of loss or theft.
It’s also worth noting that there are various types of asset management systems to help businesses manage different forms of assets. They include tools for managing current and fixed assets, IT-specific assets, software assets, financial assets, fleet assets, and infrastructure assets.
The Importance of an Asset Management System
Asset Management Software is important for all types and sizes of asset-heavy businesses, particularly in the way that they generate revenue. The right tool helps to ensure a good ROI, maximize asset performance, and improve life cycle management. But, that’s just scratching the surface.
A typical asset management system has the tools to:
- Build an accurate asset register
- Track asset locations in real-time across multiple sites and facilities
- Monitor asset performance and condition levels
- Provide efficient and accurate financial planning
- Deploy maintenance schedules to reduce costs and downtime
Depending on the number of assets a business has, the data collected in a typical asset management system can be vast. It can collect and store data such as real-time performance, user permission, total usage, location, cost, and maintenance and repairs. The latter being essential for avoiding unplanned downtime, which single-handedly cost businesses $260,000 per hour on average in 2016.
This data also offers an insight into determining the total cost of ownership (TCO) for each purchase. With this information, asset managers can know if owning an asset outweighs the total running costs. Making it easier to decide when, or if, an ageing asset should be replaced or disposed of. Essentially, the process of calculating TCO starts with planning; the very first stage of asset life cycle management.
What Is Asset Life Cycle Management
Asset life cycle management is a strategic and analytical approach to the management of assets. The typical process of an asset’s life cycle can be broken down into four key stages.
To benefit from the data being stored in an asset management system, it’s important to understand the four stages of asset life cycle management. These stages are:
- Planning
- Procurement/Acquisition
- Operation and Maintenance
- Disposal
Through tools such as asset tracking, maintenance management, budgeting, and reporting, Asset Management Software helps to optimize the use of assets throughout this life cycle. As well as gauging when an asset reaches its optimal peak performance and analysing how long of a useful life it has left. Before eventually planning for maintenance work or to replace it.
This detailed data-driven approach to asset life cycle management also ensures businesses are keeping their assets operating for as long as possible.
All this among other capabilities such as calculating depreciation value, identifying asset roles, ensuring health and safety, and taking a preventive maintenance approach.
Choosing the Right Asset Management Software
As with all businesses, it’s important to have a complete understanding of all mission-critical assets in the workplace. Particularly those that are essential for generating revenue.
For instance, the owner of a coffee shop will want to collect data regarding the management of their most important asset; the coffee machine. Whereas an IT asset manager will track the compliance of their business’s software licenses to avoid breaches and hefty fines.
Although a typical asset management system will provide the tools necessary to manage a variety of different assets, it’s important that a business chooses the right Asset Management Software for them.
Fixed Asset Management
Fixed asset management can be referred to as non-current asset management or long-term asset management. This includes the management of property, plant, and equipment (PP&E), as well as such as land, buildings, machinery, furniture, and fixtures.
Software Asset Management
Software asset management is used to manage the purchasing and usage of software throughout a business. It includes ensuring compliance, keeping software programs updated, and renewing licenses.
Financial Asset Management
Financial asset management tools are used to track and manage all financial assets of a business including loans, investments funds, bonds, and contractual agreements.
Infrastructure Asset Management
Typically utilized by large organizations such as construction companies and public sectors, infrastructure asset management tools help to manage larger physical assets. Including roads, bridges, utilities, and transport.
What Can Asset Management Software Be Used For?
Asset management systems are packed full of tools and features that ease the strain of tracking and monitoring the asset life cycle. Although features can differ depending on the system a business requires, Asset Management Software can be used for a variety of different operations in a number of industries.
Property, Facilities, and Building Management
5 to 20% of overall fixed asset costs are contributed by properties, facilities or buildings. But, having the ability to perform effective property asset management can help. It can record purchase prices, appreciation, depreciation and the final disposal price of your fixed assets.
Most accounting standards, such as GAAP, IFRS, and BSI, require you to disclose all of your assets. To help, businesses will use an asset management solution to accurately track the value of their assets.
Apart from the financial requirement, properties and facilities require planned maintenance. As well as cleaning, security management, visitor tracking and energy management. An asset management system can help to schedule, record and report on these activities.
A modern property asset management software can provide a framework for the following:
- Develop and maintain an effective Asset Register
- Calculate the appreciation and depreciation of fixed assets
- Schedule, track and monitor maintenance activities
- Record cleaning activities
- Manage workplace layout
- Track visitors and occupants for safety and security
- Energy management of properties
Software and Hardware Asset Management
Businesses can collect a lot of valuable data from their IT assets. Including real-time location, work order status, users, usage and license renewals. A cloud-based asset management system helps businesses to maintain an accurate asset register of their digital assets.
Along with hardware, a key asset included in most asset registers is software. Software Asset Management can help businesses to reduce the cost of software ownership. As well as optimise the number of software assets required, and maintain compliance with vendor contracts.
Tagging, Tracking, and Reporting your hardware assets can help with their procurement and disposal. And, importantly, companies can understand which employee uses each asset.
A contemporary inventory management Solution can:
- Provide an on-demand view of your Inventory
- Manage entitlements and endpoints
- Know the usage data of your Cloud and On-Premise IT Assets
- Ring-fence your IT Network to be cyber safe
- Monitor compliance with software vendor contracts
- Easily know what assets you have and who are using them
Equipment and Machinery Management
Unplanned downtime in equipment and machinery can cost 3 to 18% of total revenue. So, businesses prefer to maximise the uptime of their machinery.
An asset management software provides a framework that can help schedule planned, preventative and reactive maintenance. This includes scheduling maintenance, organising internal and external engineers, and issuing work orders. As well as purchasing spare parts and planning for disposal. Asset management tools that specialise in equipment and maintenance management are called Computerised Maintenance Management Systems (CMMS).
Maintaining equipment and machinery, production targets and company targets are interlinked. Most cloud-based asset management tools help to organise your planned and preventative maintenance in such a way that it has minimal impact on production.
An effective technology used in most AMS solutions is the Internet of Things (IoT). This allows equipment and machinery to talk to each other. Transmitting operating conditions such as temperature, pressure, and service status. IoT devices can capture this data and provide insightful reports to increase the uptime of machinery.
An effective computerised maintenance management system will help you to:
- Schedule planned and preventative maintenance activities
- Assign jobs to internal and external maintenance engineers
- Order replacement parts
- Optimise maintenance costs
- Effectively manage reactive maintenance activities
- Improve age and uptime of your equipment and machinery
Stock and Inventory Management
The asset tracking function of an AMS is often used to track stock and inventory. As well as fixed assets such as buildings, properties and facilities. As the UK Accounting practice requires companies to declare their assets, this feature can be effective. Allowing businesses to record all their assets in one place; known as an asset register.
The technology used in tracking your stock and inventory can be RFID, Barcodes and NFC. Quite often, a hand-held scanner is used in reading an asset.
Typically, inventory is connected with users, location and projects. In some cases, it can be leased as well.
A modern cloud-based asset management tool allows companies to know the detailed status of all their stock and inventory and will help you to:
- Reduce and eliminate ghost assets
- Track leased and owned inventory
- Use RFID, Barcodes and Handheld scanners to Tag, Track and Report on your stock and inventory
Fleet Management
Just like properties and inventory, modern asset management tools can help to track the location of fleet assets. The technology often used in tracking fleet assets is Global Positioning System (GPS). As well as digitalised tools such as Fleet Management Software.
Asset Management Tools specialised to manage fleet are called fleet asset management tools. These tools can provide businesses with a variety of vital data, such as the speed of each fleet asset. For example, defined rules and protocols can be scheduled and monitored for fleet vehicle operators.
A cloud-based fleet asset management solution will:
- Track the location of your fleet assets
- Track speed and traffic compliance of your fleet assets
- Optimise pick-up and delivery routine
- Reduce fleet maintenance costs
What Are The Top 10 Best Asset Management Software Products?

FMIS Fixed Asset Management System
FMIS provides a fully integrated fixed, finance-aware asset management and tracking platform that allows tracking of assets across multiple sites. Product features include asset tracking, a configurable asset register, auditing capabilities, barcode tagging, and equipment loan management. The FMIS fixed asset management system has been successfully deployed across various industries such as oil and gas, non-profits, education, healthcare, manufacturing, government, and retail.
MOST SUITABLE FOR
Medium to Large enterprises requiring a fully integrated asset tracking and management solution with ERP and financial system integration.
DEPLOYMENT OPTIONS
Cloud based and on premise
PRICING
From £3,000

Assettrack Asset Management Solutions
Assettrac delivers a highly configurable asset management system that supports the complex workflows of tracking revenue-generating fixed assets. This scalable and flexible asset management solution is packed full of features such as asset tracking, asset register management, facilities and maintenance management, and stock control. Assettrac solutions are well versed across multiple industries including commercial and retail, manufacturing and industrial, healthcare, IT, and education.
MOST SUITABLE FOR
Businesses requiring a fully integrated and highly configurable asset management system to support complex workflows for fixed assets.
DEPLOYMENT OPTIONS
Cloud based, on premise, and mobile
PRICING
From £1,900

Itemit
Itemit provides a simple yet effective asset management solution for busy customers wanting to track up to 2000 assets. Deployed through iOS and Android mobile apps, Itemit is an asset management and tracking solution for on-the-go users. It provides the features necessary for tracking assets, inventory control, QR and RFID asset tagging, reporting and analytics, and accessing data offline. It is used primarily in industries such as construction, charities, offices, and food and beverage.
MOST SUITABLE FOR
Organisations with 500+ assets.
DEPLOYMENT OPTIONS
Cloud-based and web-based
PRICING
Multi-user plans from £9.99 per user, per month

Vision Software by ACMS UK
Vision Software is a fixed asset management and tracking tool by ACMS UK that excels at managing audits and risk compliance across multiple sites and facilities. Stand out features include a comprehensive asset register, auditing risks such as fire and asbestos, asset tracking, NFC vision tagging, and compliance management.
MOST SUITABLE FOR
Organisations with a large site or a property portfolio.
DEPLOYMENT OPTIONS
Cloud-based and web-based
PRICING
From £5,000 per year

Nanolink Asset Management and Tracking Solutions
Nanolink delivers a cloud-based asset management tool that focuses on utilising Bluetooth technology to provide real-time asset tracking data. With other 500 customers, the Nanolink asset management solution offers many key capabilities. Including asset tracking, service and maintenance management, reporting and analytics, and third-party integrations.
MOST SUITABLE FOR
Organisations with 3+ users and a budget of £2,500.
DEPLOYMENT OPTIONS
Cloud-based and web-based
PRICING
From £4 per user, per month

Assetspire
Assetspire offers a highly configurable, cloud-based platform for small and large businesses looking to manage and track their assets. Through tracking technology such as NFC, RFID, and Barcode, Assetspire has been adopted by various asset-heavy industries. Including real estate, healthcare, hospitality, and education.
MOST SUITABLE FOR
Organisations with complex asset tracking requirements.
DEPLOYMENT OPTIONS
On premise and cloud-based
PRICING
From £80 per user, per month

Freshworks
Freshworks delivers an easy to use fixed asset management tool that centres around managing and tracking IT equipment. This service management tool is simple to configure and well suited to ITIL-aligned businesses. Key features include inventory management, asset discovery, asset life cycle management, contract management, CMDB, service level management, and reporting. With a focus on the management of IT assets, Freshworks’ asset management system has been adopted in multiple industries. Including IT and software, e-commerce, education, public sectors, and automotive.
MOST SUITABLE FOR
Small to medium businesses with help desk and IT service management workflows.
DEPLOYMENT OPTIONS
Cloud-based and web-based
PRICING
From £15 per user, per month

Real Asset Management
Real Asset Management provides an asset management tool that has a focus on tracking fixed assets as well as delivering key accounting and maintenance management capabilities. Logging GPS coordinates, reserving and scheduling assets, and quick auditing are just some of the key features that Real Asset Management delivers. Its focus on accounting and maintenance requirements has lead this fixed asset management tool to become widely adopted in industries such as government, education, and healthcare.
MOST SUITABLE FOR
Businesses needing an asset management solution to track 1000+ assets.
DEPLOYMENT OPTIONS
On premise, Cloud-based, and web-based

Bulbthings Smart Asset Manager Software
BulbThings is an asset management solution that allows users to track assets as well as use powerful tools to generate insights about their assets. This app features lifecycle management, TCO management, and inventory management, giving users a one-stop-shop solution for all their data and asset management needs. Its appeal to both small businesses and large enterprises has delivered asset management solutions to various industries. Including construction, hospitality, healthcare, transport, education, pharmaceutical, and manufacturing.
MOST SUITABLE FOR
Small and medium-sized businesses (SMBs).
DEPLOYMENT OPTIONS
Cloud-based and web-based
PRICING
From £1 per month

Traclogik Asset Management and Tracking Solutions
Traclogic provides an experienced real-time asset management solution by utilising asset tracking technologies such as Bluetooth. Its comprehensive tools have propelled the Traclogik system into an industry-leading position for effective asset tracking and protection solutions. The ability to deliver visibility of a business’s entire fixed asset repository has lead to Traclogik being adopted in various industries. Including healthcare, manufacturing, aviation, transport, logistics, construction, and security.
MOST SUITABLE FOR
Large enterprises and blue chip organisations.
DEPLOYMENT OPTIONS
On premise, Cloud-based, and web-based